Business management

Business management is a prime example of the changing times that we currently live in. About 20 years ago, business management would not even have been in the career radar of most of the students doing their graduation. Today, on the other hand, it is one of the most sought after professions in India.

The benefit that a management professional has the application of their profession across industries. Whether it is an automobile company, fast moving consumer goods (FMCG) multinational or a services organization, a business manager is required in all industries and businesses.

Considering the growth in the number of industries and companies that is expected over the next few years, it is only logical, hence, to assume that business management as a profession will be even more sought after and desirable in the future.

What does business management entail?Professional managers, depending on their skills and areas of expertise, usually function in one of the four defined functional areas:

Marketing & Sales Mgm: Marketing, in a nutshell, refers to the social and managerial processes through which products, services and value are exchanged in order to fulfill an individual’s or group’s needs and wants.

Human Resources Mgm: HR includes a variety of activities deciding the staffing needs of an organization and hiring independent contractors or employees to fulfill these staffing needs being the two most critical tasks. These needs are fulfilled through recruiting and training the best possible people for a particular job, and then ensuring, through remuneration and other rewards that they perform as per expectations.

Production or Operations Mgm:Production mgm is more applicable to manufacturing concerns, and deals with carefully managing the processes to produce and distribute products and services. Related activities may include managing production processes, inventory control, quality control, storage of raw materials and finished goods, and evaluation of the manufactured goods. A great deal of focus is on the efficiency and effectiveness of processes. Therefore, operation mgm often includes substantial measurement and analysis of internal processes.

Financial Mgm: Corporate finance is a specific area within finance that deals with the financial decisions corporations make, and the tools as well as analysis used to make these decisions.

Apart from these four basic functions, a management professional can also specialized and work in the following specific areas

International Mgm

Public System Mgm

Operational Mgm

Management Consulting

Hospital Mgm

Hotel Mgm

Rural Mgm

Forest Mgm

What are the abilities and temperament that a business manager requires?Business management is no doubt a rewarding career: however, it is also a highly demanding one and carries a lot of stress. Mgm education is also beneficial for people who are planning to open their own business of are looking at carrying on an already established business.

Managers necessarily need to be good team players, as most of their work is done as a part of a group. Articulate and efficient communication skills are essential. They are also required to be aware of happenings around them and should have a wide variety of interests.

Most of the business management professionals are also required to work with a lot of numbers and figures, and while it is not necessary for one to be a mathematician, sound knowledge and application of class—10 level mathematics is necessary. They have to be good decisions makers, whose decisions are based on sound analytical reasoning and the ability to look at most things logically.

What is the growth path for a business management professional?After completing an MBA, students join an organization as management trainees. The Mgm trainee program lasts about one year, during which the fresh recruits are trained in the functioning of the organization, and in their specific areas of expertise.

At the completion of this program, the trainee is then promoted to the position of an assistant manager or a similar designation, according to the functional area in which they has specialized. Designations given to managers can vary greatly from organization to organization.

Assistant managers or similar level employees can reach the middle levels of Mgm levels after spending 10—12 years on the job.

What is the pay scale in this sector?Candidates can expect to earn at least Rs3—4 lakh per annum after completing their MBA from a highly reputed institute. This could easily go up to Rs 7—8 lakh annually. Even those passing out of lesser-known institutes can hope to earn about Rs 2 lakh on passing out of the institute.

He earning potential of a mgm graduate also depends on whether or not they has some prior work experience and any other additional qualification.

What are the courses available?Courses such as Bachelor of Business Administration (BBA) are available at the graduate level for students interested in the field of business management. However, most companies looking for business management professionals require a post-graduate level degree (MBA) or post-graduate diploma in business management (PGDBM / PGDM).

Master in Business Administration (MBA): This is a post-graduate degree in management, recognized internationally and widely accepted as the passport to a successful career.

MBA course curriculum in India can be categorized into the following 4 segments:

Full-time MBA

Part-time MBA

Distance Learning MBA

Executive MBA

Online MBA

A full-time MBA usually comprises 4 semesters, inclusive of dissertation and project work, industrial exposure and summer internship. The students take up their respective major and minor specialization subjects. The choice of specialization subjects generally include: Marketing, Finance, Human Resources, Operations and Logistics, Information Technology, Systems, International Trade and Business, Consumer Behavior, Risk Management andmany others.

However, executive MBA, part time MBA, distance learning MBA and even online MBA courses are increasingly becoming popular in India. While the part time, distance learning and online MBA courses offer flexibility to the students, executive MBA courses are meant exclusively for working professionals who are ready to take a break and like to obtain an MBA degree in a shorter time period than that of a full time course.

Post Graduate Diploma in Management (PGDM): Most of the highly reputed institutes are autonomous—not affiliated to any university--- and award a post-graduate diploma in Mgm rather than a MBA degree. This allows these institutes to keep full control over the course curriculum being taught to the students, which means that they can update their course curriculum according to the needs of the hour.

What is the duration of these courses?The BBA program is usually a 3 yrs, full time program. Traditionally, the tenure of an MBA degree has been 2 yrs, however, in the recent years, there are full-time MBA programs that follow the 12 month model, and students can get the degree after studying for one year.

While the PGDM course in India is usually a 2 yrs, full time program, the Indian Institute of Management (IIM), Ahmedabad has also launched a one year full time PGDM course. What is the eligibility criterion in these institutes?The basic eligibility for pursuing a graduate level course in business management is completing 10+2 in any stream.

The eligibility for pursuing a management course in most institutes is graduation in any stream.MBA Admissions:Most of the leading Business Schools in India follow an admission process for screening applicants. The steps followed in the admission procedure are given below:

Entrance Exam / The Written Test: Most MBA institutes in India have a written aptitude test. The IIMs conduct a Common Admission Test (CAT) every November. Many other business schools, like S.P. Jain Mumbai, MDI Gurgaon, and many others select students on the basis of their CAT score. Some other popular written tests for MBA in India conducted by other B-schools include: XAT, MAT, IIFT, SNAP, JMET, etc.

Application Essays and Reference Letters: This step forms an integral part of the selection process of most top Indian B-schools. The short listed candidates of the IIMs and some other leading management institutes are expected to write these essays. GD / PI (Group Discussions / Personal Interviews): Group discussions and personal interviews are conducted generally to determine the personality traits and communication skills of the candidates. For many management colleges in India, Admission: Many B-schools offer admission to a candidate on the basis of the cumulative scores of the Entrance Exam, GD/PIs, and sometimes work experience.

What is the financial out lay for a MBA degree?The IIMs charge about Rs 1, 20,000 per year, while some institutes like the Faculty of Mgm Studies (FMS) at Delhi University charge only about Rs 30,000 per year. Most of the university-run programs also charge similar fees.

The fees in some private institutes are higher and may go up to Rs 3 lakh per year. The ISB charges about Rs 12 lakh for its one year MBA program.

Pressures:The high degree of accountability and responsibility puts many pressures on the individual to perform and achieve results. Long hours of work and constant travel can be exhausting and sometimes affect family life. Moreover, this is a competitive field, so a certain amount of aggressiveness and ruthlessness are required for success.

Rewards:A career in management helps a person attain a high status relatively early in life. The good remuneration ensures a high standard of living and provides opportunities to meet and interact with a wide cross-section of people.